The 1933 Double Eagle gold coin is more than just a piece of currency; it’s a significant part of American history. This coin is one of the rarest and most valuable coins ever created. It was once valued at $20, but it sold for an incredible $18.87 million at auction in 2021, making it the most expensive coin ever sold. In this article, we will explore the fascinating story behind the 1933 Double Eagle, why it is so valuable, and the unique events that shaped its legacy.
Origins and Design of the 1933 Double Eagle
The story of the 1933 Double Eagle begins with President Theodore Roosevelt’s desire to improve American currency. He wanted U.S. coins to reflect more artistry. To achieve this, he turned to Augustus Saint-Gaudens, a well-known sculptor. Saint-Gaudens designed the Double Eagle, which many consider one of the best U.S. coin designs ever made.
On the front side, or obverse, of the coin, you see Lady Liberty. She holds a torch and an olive branch, symbols of light and peace. The back side, or reverse, features a magnificent eagle flying, representing strength and freedom. The detail in this design is remarkable and has helped the Double Eagle become a lasting symbol of American artistry.
The Gold Recall of 1933 and Rarity of the Coin
In 1933, the United States faced the Great Depression, a time when many people struggled financially. To help stabilize the economy, President Franklin D. Roosevelt made a bold decision to take the country off the gold standard. This meant that gold coins could no longer be used as money. An executive order was issued to melt down all gold coins, including the newly minted 1933 Double Eagles, to prevent them from circulating.
Although 445,500 Double Eagles were made, almost all were destroyed. This mass melting process made the few surviving coins incredibly rare and highly valuable. The actions meant to strengthen the economy instead turned the surviving Double Eagles into some of the most coveted collectibles in history.
The Weitzman Specimen: The Only Privately Owned Double Eagle
While many 1933 Double Eagles were melted, a small number survived. Over the years, the U.S. government has tried to reclaim these rare coins, leading to several legal battles. Today, only one 1933 Double Eagle can legally be owned by a private citizen. This coin, known as the “Weitzman Specimen,” was once owned by fashion designer Stuart Weitzman.
The Weitzman Specimen is especially valuable because it is the only 1933 Double Eagle that can legally be held by an individual. Its unique history and legal status make it even more appealing to collectors and investors.
Record-Breaking Auction Sale
In June 2021, the Weitzman Specimen was auctioned at Sotheby’s for an incredible $18.87 million. This sale broke all previous records for rare coins. The coin was expected to sell for between $10 and $15 million, but the final price exceeded everyone’s expectations. This record sale demonstrates how much collectors value the coin, seeing it as not just a piece of money, but a piece of history.
Key Milestones in the 1933 Double Eagle’s History
| Year | Event |
|---|---|
| 1907 | Augustus Saint-Gaudens creates the Double Eagle design. |
| 1933 | 445,500 Double Eagles are minted. |
| 1934 | Government mandates the melting of all 1933 Double Eagles. |
| 1944 | King Farouk of Egypt legally acquires one of the coins. |
| 2002 | The first legal private sale of the coin occurs for $7.59 million. |
| 2021 | Sotheby’s sells the coin for a record $18.87 million. |
Why the 1933 Double Eagle Is So Valuable
Several factors contribute to the exceptional value of the 1933 Double Eagle:
1. Rarity
The combination of few surviving coins and government efforts to reclaim them makes the 1933 Double Eagle one of the rarest coins in the world.
2. Historical Significance
This coin marks an important moment in U.S. history when the country left the gold standard. It serves as a reminder of a critical time in the nation’s economic journey.
3. Artistic Merit
Saint-Gaudens’ design is considered one of the most beautiful in American coin history. The craftsmanship and artistry of the coin enhance its appeal.
4. Unique Legal Status
The Weitzman Specimen holds the distinction of being the only 1933 Double Eagle legally allowed in private hands, making it a one-of-a-kind collectible.
5. Auction Prestige
The record-breaking sale price at Sotheby’s has increased the coin’s allure, solidifying its status as an extraordinary asset in the world of coin collecting.
The 1933 Double Eagle is not just a coin; it represents a significant chapter in American history and showcases exceptional artistry. From being melted down to becoming an $18.87 million treasure, this coin embodies a unique blend of beauty, cultural significance, and rarity. It captures the imagination of collectors and historians alike, reminding us of the stories and events that shape our world.
Conclusion
In conclusion, the 1933 Double Eagle gold coin stands as a remarkable symbol of American history, artistry, and economic change. Its journey from being minted to becoming one of the most valuable coins in the world is a testament to its significance. This coin serves not only as a collector’s item but also as a reminder of a pivotal time in U.S. history. The combination of rarity, historical importance, and stunning design ensures that the 1933 Double Eagle will remain a sought-after artifact for years to come.
FAQs
1. Why is the 1933 Double Eagle so valuable?
The 1933 Double Eagle is one of the rarest and most valuable coins in the world due to its scarcity, historical significance, and unique legal status.
2. How many 1933 Double Eagles exist today?
Although 445,500 Double Eagles were minted in 1933, almost all were melted down due to a government order.
3. What makes the design of the 1933 Double Eagle special?
The coin’s design, created by Augustus Saint-Gaudens, is considered one of the most beautiful in U.S. coinage history.
4. Why were most 1933 Double Eagles melted down?
In 1933, President Franklin D. Roosevelt removed the U.S. from the gold standard, ending the use of gold coins in circulation.